In 2023, a shocking one out of every five people in Canada were food insecure — defined as having a lack of access to food, or concern over lack of food access. Severe food insecurity — when people miss meals and sometimes go days without food — rose by 50 per cent.
The Globe and Mail reported that Per Bank, the new CEO of Loblaw Companies Ltd., made $22 million from two months of work in 2023 — including an $18 million signing bonus. That’s 500 times more than the yearly median income in Canada.
Galen Weston Jr., Loblaw’s president, blamed suppliers, who forced “unjustified” price increases on the company. Others, like the Conservatives, blame the carbon tax for raising prices. In a report, the Centre for Future Work found that there is an infinitesimally small correlation between carbon pricing and inflation — just 0.15 per cent.
When prices spike, corporations take advantage. According to Statistics Canada, food prices were twice as high as the overall inflation rate — which was at its highest level in almost 40 years. Meanwhile, since 2020, Canadian food retailers have nearly tripled profit margins and doubled profits — making $6 billion per year. It’s not difficult to do the math. This is called “greedflation” — companies taking advantage of inflation to raise prices even higher.
Meanwhile, Canada’s top three food retailers (Loblaw, Sobey’s and Metro) control 57 per cent of food sales. Loblaw alone takes home 27 per cent. Costco and Walmart are next in line at 11 per cent and 7.5 per cent respectively, according to 2022 statistics.
The boycott has focused the country on the affordability crisis and the role of corporate profiteering. However, the responsibility for change does not fall on the consumer, but rather those in government, who are ultimately the ones with the tools to curtail corporate greed. Reigning in corporate profiteering, curtailing oligopolies, building holistic approaches to food provisioning and supporting incomes to match the cost of living are the real changes we need. On May 30 at 1 p.m. EST, Food Secure Canada is hosting a webinar titled "Greedflation: The role of large corporations in food price inflation and what can be done about it." You can register here.
Because Doug Ford is trying to privatize healthcare, like Smith is in Alberta. They're trying to break it up bit by bit. Ford is giving money that would have gone to publicly operated hospitals and employees to private ones instead. And patients are forced to use these often because the public option has already been eliminated or is underfunded, and they're told it's the only place their OHIP applies. These private companies are then going to bill both the province and patients and deliver worse service and worse jobs - because they are profiteers. And down the road, it'll be hard to back out of privatization when we no longer have any public infrastructure (which is when the private clinics can start gouging the province even more ;)